Reusable Container Corp., a subsidiary of a company that makes
plastic crates used to ship groceries from producers to the stores,
had a year to go on its lease for an industrial building in Rancho
Cucamonga.

But, as distribution centers in Inland Southern California
become harder to find, it is expected to become easier for the
landlord to ask for a higher rent. That supply-and-demand equation
led the company to open up renewal negotiations way ahead of the
expiration date.

Reusable Container now has a 60-month renewal of the
101,000-square-foot property, said Frank Geraci of Voit Real Estate
Services, which negotiated on the firm’s behalf. Geraci said they
began to negotiate a year early because it seems a good bet that
falling vacancy rates will mean higher lease rates in 2012.

The property is in the 8900 block of Rochester Avenue, close to
both the area’s freeways. DCT Industrial Trust, a Newport Beach
firm that specializes in bulk distribution properties, is the
landlord. Geraci said the lease is worth about $1.7 million.

Union Development Co., a Cerritos-based firm that mainly owns
self-storage operations, recently sold its portfolio of industrial
properties. The sale includes Indiana Business Park, a
150,000-square-foot facility in Riverside.

The buyer was CIP Real Estate, an Irvine-based investor and
property management company. The portfolio, which includes smaller
industrial properties in Cerritos and La Mirada, was sold for $14
million.

The Riverside property is on 9.2 acres on Indiana Avenue near
the intersection of Van Buren Blvd.

Union Development Co. is a subsidiary of Barker Pacific Group, a
Los Angeles-based commercial property developer and asset manager.
The firm still owns self-storage facilities in Lake Elsinore,
Bloomington, Fontana and numerous other locations.

Performance Team, a company that offers shipping and logistics
services in a half-dozen major markets, has not only renewed its
Redlands space but also leased the distribution center across the
street that almost doubles its space.

The Santa Fe Springs-based company has renewed its lease for a
290,000-square-foot facility on Marigold Avenue in Redlands for
five years. The landlord was Kensington Redlands No. 1.

Performance Team then looked across the street and leased a
260,000-square-foot warehouse, which is actually on Palmetto
Avenue. The second building is owned by distribution specialist
Prologis and is also a five-year deal.

The terms of the leases are confidential, but in a statement,
Voit’s Frank Geraci called the terms “competitive,” at least when
compared with Performance Team’s existing lease. Geraci also said
that it’s getting more difficult to score the great deals that have
been the hallmark of the last year or so. Distribution center
tenants have been flocking to the Inland region lately. Users may
now have to dig deeper into their checkbooks to score the
properties they want.

3PL Worldwide Inc., a logistics firm that specializes in
shipping to customers of e-commerce, direct response and catalog
operations, has locked up a 201,000-square-foot property on White
Birch Drive in Rancho Cucamonga.

The three-year lease doubles the firm’s storage and dock space
on the West Coast, according to a statement from Grubb & Ellis,
which represented 3PL Worldwide in the deal.

Delphinidae/White Birch LP owns the warehouse, and the terms of
the lease were not disclosed.

Join the Conversation

We invite you to use our commenting platform to engage in insightful conversations about issues in our community. Although we do not pre-screen comments, we reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable to us, and to disclose any information necessary to satisfy the law, regulation, or government request. We might permanently block any user who abuses these conditions.

If you see comments that you find offensive, please use the “Flag as Inappropriate” feature by hovering over the right side of the post, and pulling down on the arrow that appears. Or, contact our editors by emailing moderator@scng.com.